Quo Vadis?

Quarterly Report
Q2 2016 § Issue 38
Home of Scottish Letting
Quo Vadis?
Market Overview
National Trends
Spotlights: Edinburgh, Glasgow, Aberdeen, Dundee & more
Agent Views
Postcode and Town Analysis: Localised Rental Prices
Legislation Matters: ECHR in the Private Rented Sector
SAL: Let’s Work Together
SafeDeposits Scotland: Something to Celebrate
In Association With
Citylets Report
Q2 2016
Market Overview
Another quarter passes and yet
again brings with it news that is likely
to impact on the Scottish PRS. Not
to mention to the UK and possibly
Europe as a whole. The ramifications
of Brexit encompasses the full
universe of push and pull factors
within the UK economy that it would
seem pointless to make earnest
predictions at this early stage as
to the effects on the end result, the
supply/demand balance in Scotland’s
local rental markets.
result of modest growth at national
level.
The effect on house prices, house
builders, interest rates, mortgage
availability, jobs, wages, political
direction and financial markets- to
name but a few- all remain to be
seen. In the short term, however, it is
business as normal for agents as we
enter the busiest time of the year.
• Glasgow continues steady
rise at 5% growth
Indeed, rental trends in Q2 2016
have been amongst the most
consistent we have ever observed.
Again the Scottish PRS on the whole
continued to rise at its current rate of
2% YOY growth to stand at £777 per
month on average. Strong competing
forces in Scotland’s main cities
continue to do battle with the net
Average rents in Aberdeen again
recorded negative annual growth at
around 20% suggesting that the rate
of decline has now leveled off and
• National average continues
steady climb at 2% YOY
• Aberdeen negative growth
levels out at 20.3%
• Citylets Rental Index at all
time high
we may begin to see an improving
annualised picture within 2016. The
typical property in Aberdeen now
rents at £831 per month and takes
47 days to let, around 2 weeks longer
than same period last year. It is likely
that average rents in Aberdeen will
now reach and possibly breach the
Scottish Monthly Rent Analysis (Q2 2015-Q2 2016)
£1,150
Average Monthly Rental Value (pcm)
£1,100
£1,050
£1,043
£986
£1,000
£950
£923
£900
£831
£850
£800
£777
£762
£750
£700
£650
£600
£550
£500
£719
£685
£599
£598
Q2 2015
All Scotland
Q3 2015
Edinburgh
Q4 2015
Glasgow
Q1 2016
Aberdeen
Q2 2016
Dundee
national average. However, with
41% of all properties renting within
1 month, there is still plenty of life
in the market as it goes through its
transition period.
The Edinburgh market edges ever
upwards towards the £1000 average
mark and at the same rate recorded
over the last few quarters of around
6%. The average rental in the capital
is now £986 per month with 70%
of stock let within a month. Again it
has been the ever popular one bed
properties rising fastest at a full 8.7%
YOY to stand at £686 on average
and with 34% coming off the market
within 1 week. Whilst there may be
uncertainty all about, this is not the
case for trends in the Edinburgh
rental market which is good news for
landlords but increasingly bad news
for tenants.
Glasgow also continues its steady
climb at a rate of 5% YOY growth to
stand at £719 on average as at Q2
2016. The market is moving well with
an average Time to Let of 26 days.
Almost a quarter of properties are
let within a week and two thirds take
less than a month. From an investor
perspective, the market is proving
stable with 5% growth on average
over the last 3 years and 4% over
the last 5.
Elsewhere, Dundee is almost
unchanged on the year before with
average rents at £599, down from
£620 observed last quarter. West
Lothian is experiencing strong
growth in the last year, up 6.4%
to average £652, with all property
types letting faster than a year ago.
Larger 3 bed properties show the
largest gains from a 1,3 and 5 year
perspective reflecting increased
demand for family homes.
citylets.co.uk/research/reports
p2
Citylets Report
Q2 2016
Scotland
Market Overview - Q1 16
Beds
Average Rent
Rent Change
1yr
Rent Change
3yrs
Rent Change
5yrs
Av. TTL
(days)
TTL Change
YoY
Let within
a week
Let within
a month
1 bed
£567
3.1%
12.5%
17.9%
28
2
23%
65%
2 bed
£717
0.3%
10.8%
15.3%
32
2
20%
59%
3 bed
£996
3.5%
13.6%
18.6%
36
-1
18%
54%
4 bed
£1,468
4.3%
13.1%
22.3%
37
-2
20%
53%
Total
£777
2.0%
12.1%
17.2%
32
1
20%
59%
C I T Y I N F O
Average Rent (pcm) by Number of Bedrooms
1600
Market Composition
Rent (£pcm)
1400
1200
16%
1000
800
400
Q4
10
Q2
11
Q4
11
Q2
12
2 bed
Q4
12
Q2
13
Q4
13
3 bed
Q2
14
Q4
14
4 bed
Q2
15
Q4
15
2 bed houses
Q2
16
25%
All
Rental Index
Average Time To Let (TTL) by Number of Bedrooms
Time To Let
3 bed flats
Other
Q2
10
1 bed
50
45
40
35
30
25
20
15
10
5
0
42%
1 bed flats
11%
200
0
2 bed flats
6%
600
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16
1 bed
2 bed
3 bed
4 bed
(base: Q1 08)
Year
Q1
Q2
Q3
Q4
2008
100.0
101.6
102.8
100.2
2009
98.8
98.1
99.2
97.7
2010
98.9
101.4
100.6
99.8
2011
100.3
102.8
103.9
101.7
2012
102.9
104.2
105.0
104.0
2013
104.7
107.4
106.5
105.1
2014
108.4
112.1
114.1
113.5
2015
116.4
118.1
117.4
115.7
2016
118.9
120.5
Households: Rented
All
312,745
263,674
263,459
David Alexander - DJ Alexander Lettings Ltd
“The referendum result was a great shock but for the moment it’s a case of ‘carry on
as before’, especially in Scotland where the rental markets in Edinburgh and Glasgow
are among the most resilient in the UK. There may be unknown consequences ahead
but one certain thing is the current demand for rented accommodation will not ease up.
Of the departing tenants who responded to an internal company survey, only 17% said
they were moving to owner-occupation, probably due, in part, to the large deposits still
demanded by lenders but our feedback also points to increasing numbers of tenants
making renting a first-preference life-style choice.”
31,433
Council
(Local
authority)
Private
Other social
rented
landlord or
letting
agency
Other
Source: Census 2011, Edinburgh
citylets.co.uk/research/reports
p3
Citylets Report
Q2 2016
Edinburgh
Market Overview - Q1 16
Beds
Average Rent
Rent Change
1yr
Rent Change
3yrs
Rent Change
5yrs
Av. TTL
(days)
TTL Change
YoY
Let within
a week
Let within
a month
1 bed
£686
8.7%
21.2%
27.7%
18
0
34%
81%
2 bed
£896
5.4%
20.8%
28.4%
23
1
26%
71%
3 bed
£1,286
6.5%
21.1%
28.3%
35
-2
17%
54%
4 bed
£1,762
6.5%
17.7%
26.6%
34
-6
24%
58%
Total
£986
6.8%
20.5%
28.2%
25
-1
27%
70%
C I T Y I N F O
Rent (£pcm)
Average Rent (pcm) by Number of Bedrooms
2000
1800
1600
1400
1200
1000
800
600
400
200
0
Market Composition
10%
9%
36%
1 bed flats
3 bed flats
17%
4 bed flats
Other
Q2
10
Q4
10
1 bed
Q2
11
Q4
11
Q2
12
2 bed
Q4
12
Q2
13
Q4
13
3 bed
Q2
14
Q4
14
Q2
15
4 bed
Q4
15
Q2
16
28%
All
Rental Index
Average Time To Let (TTL) by Number of Bedrooms
(base: Q1 08)
Year
Q1
Q2
Q3
Q4
2008
100.0
100.1
102.0
102.3
2009
99.2
96.9
97.6
98.3
2010
99.1
101.1
100.7
103.2
2011
102.5
102.9
104.8
104.3
2012
105.5
105.9
106.2
109.6
2013
109.4
109.5
109.8
110.0
20
2014
113.5
115.1
117.3
120.5
10
2015
122.1
123.6
126.1
127.2
2016
130.1
132.0
60
50
Time To Let
2 bed flats
40
30
0
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16
1 bed
2 bed
3 bed
4 bed
Households: Rented
45,931
All
Grant Denholm - Littlejohns Ltd
“Whilst there is no let up with rents increasing in Edinburgh, supply is now a
major problem. There is no doubt that we need to be building more properties but
following the Brexit vote…….it would be a prudent stance to acknowledge that this
may impact on both our Landlords and Tenants.”
21,765
17,873
4,190
Council
(Local
authority)
Other social
Private
rented
landlord or
letting
agency
Other
Source: Census 2011, Edinburgh
citylets.co.uk/research/reports
p4
Citylets Report
Q2 2016
Glasgow
Market Overview - Q1 16
Beds
Average Rent
Rent Change
1yr
Rent Change
3yrs
Rent Change
5yrs
Av. TTL
(days)
TTL Change
YoY
Let within
a week
Let within
a month
1 bed
£546
7.5%
15.4%
19.5%
24
2
25%
70%
2 bed
£724
3.9%
15.1%
20.3%
27
2
24%
64%
3 bed
£1,040
6.7%
19.5%
23.2%
26
-3
23%
70%
4 bed
£1,533
10.5%
26.3%
23.3%
32
4
29%
57%
Total
£719
5.0%
16.3%
19.6%
26
1
24%
66%
C I T Y I N F O
Average Rent (pcm) by Number of Bedrooms
1200
Market Composition
Rent (£pcm)
1000
2%
800
600
2 bed flats
400
1 bed flats
5 bed flats
Q2
10
Q4
10
1 bed
Q2
11
Q4
11
Q2
12
Q4
12
Q2
13
Q4
13
2 bed
Q2
14
Q4
14
3 bed
Q2
15
Q4
15
All
Rental Index
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16
1 bed
2 bed
Time To Let
Other
35%
Q2
16
Average Time To Let (TTL) by Number of Bedrooms
50
45
40
35
30
25
20
15
10
5
0
48%
3 bed flats
200
0
6%
9%
3 bed
(base: Q1 08)
Year
Q1
Q2
Q3
Q4
2008
100.0
102.6
104.6
101.8
2009
102.3
101.4
103.0
100.7
2010
104.2
104.1
103.9
103.7
2011
102.3
106.0
106.7
105.6
2012
105.1
107.4
108.5
107.9
2013
108.1
109.0
109.0
108.5
2014
110.8
115.7
118.0
118.7
2015
119.8
120.8
120.6
123.6
2016
125.2
126.8
Households: Rented
123,283
All
Colin MacMillan - Glasgow Property Letting
“We have seen sustained growth yet again in the PRS with rents on the increase
in popular locations such as the affluent city centre, west end and Southside
markets and TTL’s reducing for quality properties. We have however noticed many
landlords looking to offload their investments as uncertainty relating to the financial
constraints on landlords and the onerous responsibilities on them takes a hold. On a
more positive spin this has opened the doors to new investors looking to get on the
property ladder and established investors looking to increase their portfolios some
with good sitting tenants already in situ affording a turnkey investment opportunity.”
55,324
62,500
6,301
Council
(Local
authority)
Other social
Private
rented
landlord or
letting
agency
Other
Source: Census 2011, Greater Glasgow
citylets.co.uk/research/reports
p5
Citylets Report
Q2 2016
Aberdeen
Market Overview - Q1 16
Beds
Average Rent
Rent Change
1yr
Rent Change
3yrs
Rent Change
5yrs
Av. TTL
(days)
TTL Change
YoY
Let within
a week
Let within
a month
1 bed
£546
-19.7%
-13.5%
-1.8%
46
24
8%
39%
2 bed
£787
-20.4%
-10.5%
-1.6%
49
13
11%
39%
3 bed
£1,161
-13.0%
-9.8%
2.5%
43
4
15%
50%
4 bed
£1,495
-21.2%
-25.1%
-10.0%
51
12
7%
42%
Total
£831
-20.3%
-14.1%
-3.6%
47
15
10%
41%
C I T Y I N F O
Average Rent (pcm) by Number of Bedrooms
1600
Market Composition
Rent (£pcm)
1400
1200
10%
1000
4%
800
5%
600
1 bed flats
400
3 bed houses
Other
Q2
10
Q4
10
1 bed
Q2
11
Q4
11
Q2
12
Q4
12
Q2
13
Q4
13
2 bed
Q2
14
3 bed
Q4
14
Q2
15
Q4
15
Q2
16
35%
All
Rental Index
Average Time To Let (TTL) by Number of Bedrooms
(base: Q1 08)
Year
Q1
Q2
Q3
Q4
2008
100.0
99.5
100.7
98.8
2009
97.1
94.6
93.8
96.8
2010
96.9
96.5
96.3
98.3
40
2011
102.5
97.4
99.2
101.0
30
2012
103.2
101.8
101.6
107.3
2013
108.6
109.3
113.2
116.2
2014
120.5
122.5
120.6
125.4
10
2015
123.1
117.9
112.4
105.5
0
2016
97.7
93.9
60
50
Time To Let
46%
3 bed flats
200
0
2 bed flats
20
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16
1 bed
2 bed
3 bed
All
Households: Rented
20,565
15,111
Sarah Harley - Margaret Duffus Leasing
“2016 continues to be a year of readjustment for the leasing market in Aberdeen as
a direct result of the oil price drop. There are still many more properties available
than traditionally advertised at this time of year, but it has been a very busy few
months for offers and we have seen just as many new leases as in previous years.
Rental levels are lower across the board, but they still compare well to a national
average and there is optimism about increased activity in the area through 2017.”
4,197
1,865
Council
(Local
authority)
Other social
Private
rented
landlord or
letting
agency
Other
Source: Census 2011, Aberdeen
citylets.co.uk/research/reports
p6
Citylets Report
Q2 2016
Dundee
Market Overview - Q1 16
Beds
Average Rent
Rent Change
1yr
Rent Change
3yrs
Rent Change
5yrs
Av. TTL
(days)
TTL Change
YoY
Let within
a week
Let within
a month
1 bed
£402
1.3%
6.3%
1.5%
43
-3
14%
44%
2 bed
£568
0.7%
3.1%
8.0%
46
-7
9%
41%
3 bed
£815
-0.5%
13.2%
22.0%
62
-19
2%
29%
4 bed
£1,086
1.3%
17.2%
14.4%
64
4
8%
25%
Total
£599
0.2%
6.0%
8.9%
50
-7
9%
38%
C I T Y I N F O
Average Rent (pcm) by Number of Bedrooms
900
Market Composition
Rent (£pcm)
800
700
18%
600
500
2 bed flats
400
6%
300
3 bed flats
200
100
0
Q2
10
Q4
10
Q2
11
Q4
11
Q2
12
Q4
12
Q2
13
Q4
13
2 bed
Q2
14
Q4
14
3 bed
Q2
15
Q4
15
2 bed
23%
All
Rental Index
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16
1 bed
Other
Q2
16
Average Time To Let (TTL) by Number of Bedrooms
Time To Let
4 bed flats
13%
1 bed
90
80
70
60
50
40
30
20
10
0
40%
1 bed flats
3 bed
All
(base: Q1 10)
Year
Q1
Q2
Q3
Q4
2010
100.0
94.3
94.3
93.4
2011
102.8
95.5
91.8
86.1
2012
96.2
93.2
94.6
91.5
2013
99.3
98.1
96.4
91.7
2014
103.3
97.4
98.4
94.6
2015
101.9
103.8
99.7
99.0
2016
107.6
104.0
Households: Rented
13,118
12,147
8,064
Robert Murray - Lickley Proctor Lettings
“The second quarter of 2016 has been a busy period for Lickley Proctor
Lettings. No problems have been experienced in achieving the rentals being
sought. This has been the case “across the board” i.e. all types of properties,
indicating confidence in the rental market in Dundee area at the present time.
Hopefully this will continue.”
1,053
Council
(Local
authority)
Other social
Private
rented
landlord or
letting
agency
Other
Source: Census 2011, Dundee
citylets.co.uk/research/reports
p7
Citylets Report
Q2 2016
West Lothian
Market Overview - Q1 16
Beds
Average Rent
Rent Change
1yr
Rent Change
3yrs
Rent Change
5yrs
Av. TTL
(days)
TTL Change
YoY
Let within
a week
Let within
a month
1 bed
£468
5.2%
9.6%
7.6%
32
-9
18%
51%
2 bed
£579
4.3%
6.0%
9.5%
31
-10
16%
57%
3 bed
£721
9.4%
12.8%
9.9%
34
-5
17%
52%
4 bed
£987
2.5%
11.5%
0.2%
22
-13
23%
69%
Total
£652
6.4%
8.3%
7.2%
31
-10
17%
56%
C I T Y I N F O
Average Rent (pcm) by Number of Bedrooms
800
Market Composition
Rent (£pcm)
700
600
17%
500
400
2 bed flats
300
1 bed flats
12%
200
100
0
2 bed houses
Other
Q2
10
Q4
10
Q2
11
1 bed
Q4
11
Q2
12
Q4
12
Q2
13
Q4
13
2 bed
Q2
14
3 bed
Q4
14
Q2
15
Q4
15
Q2
16
14%
14%
All
Rental Index
Average Time To Let (TTL) by Number of Bedrooms
(base: Q1 08)
Year
Q1
Q2
Q3
Q4
2008
100.0
101.4
104.8
101.2
2009
101.9
98.4
100.5
99.7
2010
100.9
100.2
100.2
100.3
40
2011
100.7
104.8
100.5
100.9
30
2012
98.1
102.8
103.3
103.4
2013
104.1
103.8
108.8
104.3
2014
103.3
103.6
105.2
104.1
2015
105.9
105.7
107.9
110.0
2016
107.4
112.4
60
50
Time To Let
43%
3 bed houses
20
10
0
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16
1 bed
2 bed
3 bed
All
Households: Rented
12,845
Brian Callaghan - Letting Solutions
“The demand for rental property in West Lothian continues to be exceptionally
strong. We routinely deal with several hundred tenant enquiries every week,
sometimes with anxious competing prospects even wishing to secure properties
without viewing. Landlords can therefore be choosy from many quality candidates,
thus improving the prospects for a profitable and secure tenancy. With UK Brexit,
the demand from tenants seems unlikely to be affected at all, given the national
housing demands. The key issue will be whether the new financial uncertainties
reduce the attractiveness of letting for landlords and investors.”
6,386
Rented from
Council
Other social
rented
7,120
Private rented
Source: Census 2011, West Lothian
citylets.co.uk/research/reports
p8
Citylets Report
Q2 2016
South Lanarkshire
Market Overview - Q1 16
Beds
Average Rent
Rent Change
1yr
Rent Change
3yrs
Rent Change
5yrs
Av. TTL
(days)
TTL Change
YoY
Let within
a week
Let within
a month
1 bed
£391
5.7%
4.3%
4.0%
33
-5
16%
62%
2 bed
£513
2.2%
9.1%
2.4%
35
-3
15%
54%
3 bed
£666
7.2%
10.1%
7.8%
32
-2
21%
56%
4 bed
£1,089
11.7%
20.6%
27.4%
40
11
0%
36%
Total
£572
1.2%
9.4%
5.9%
34
-3
16%
55%
C I T Y I N F O
Average Rent (pcm) by Number of Bedrooms
800
Market Composition
Rent (£pcm)
700
600
17%
500
400
2 bed flats
300
9%
200
3 bed houses
100
0
2 bed houses
Q2
10
Q4
10
Q2
11
1 bed
Q4
11
Q2
12
Q4
12
Q2
13
Q4
13
2 bed
Q2
14
3 bed
Q4
14
Q2
15
Q4
15
Q2
16
Other
13%
21%
All
Rental Index
Average Time To Let (TTL) by Number of Bedrooms
Time To Let
40%
1 bed flats
(base: Q1 08)
Year
Q1
Q2
Q3
Q4
70
2008
100.0
99.3
101.3
102.4
60
2009
103.3
96.7
95.6
103.3
2010
104.1
99.4
99.8
104.8
2011
96.3
99.4
100.4
97.2
2012
100.6
99.3
102.9
97.8
2013
95.0
96.3
97.2
97.6
20
2014
95.9
103.1
104.1
95.6
10
2015
101.8
104.1
102.4
104.1
0
2016
101.1
105.3
50
40
30
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16
1 bed
2 bed
3 bed
All
Households: Rented
25,471
David Watt - Rentlocally
“The second quarter has been very productive for us. Greater Glasgow
continues to be a buoyant market, with our average time to let a property being 3
days. Demand is high and we are continuing to increase the rents in line with the
current market trend. The recent changes in taxation and legislation appear to
have led to increased rents in the private rented sector.”
11,413
5,985
Rented from
Council
Other social
rented
Private rented
Source: Census 2011, South Lanarkshire
citylets.co.uk/research/reports
p9
Citylets Report
Q2 2016
Renfrewshire
Market Overview - Q1 16
Beds
Average Rent
Rent Change
1yr
Rent Change
3yrs
Rent Change
5yrs
Av. TTL
(days)
TTL Change
YoY
Let within
a week
Let within
a month
1 bed
£380
2.2%
8.6%
7.0%
35
-6
14%
53%
2 bed
£508
-1.4%
6.3%
6.3%
34
-6
16%
51%
3 bed
£621
-2.7%
5.1%
4.5%
35
-12
23%
46%
4 bed
£894
-4.8%
3.1%
5.7%
38
4
33%
67%
Total
£513
-1.0%
6.9%
8.2%
34
-7
16%
52%
C I T Y I N F O
Average Rent (pcm) by Number of Bedrooms
800
Market Composition
Rent (£pcm)
700
600
9%
500
6%
400
2 bed flats
6%
300
1 bed flats
200
100
0
3 bed houses
Other
Q2
10
Q4
10
Q2
11
1 bed
Q4
11
Q2
12
Q4
12
Q2
13
Q4
13
2 bed
Q2
14
3 bed
Q4
14
Q2
15
Q4
15
Q2
16
33%
All
Rental Index
Average Time To Let (TTL) by Number of Bedrooms
(base: Q1 08)
Year
Q1
Q2
Q3
Q4
2008
100.0
99.8
104.0
100.0
2009
98.7
99.0
96.2
96.2
2010
104.6
96.6
101.9
100.0
40
2011
98.5
99.4
101.0
100.8
30
2012
101.0
101.5
101.5
99.8
2013
97.5
100.6
100.6
102.9
60
50
Time To Let
46%
2 bed houses
20
2014
100.6
98.1
103.8
104.0
10
2015
100.2
108.6
105.5
104.8
0
2016
107.5
107.5
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16
1 bed
2 bed
3 bed
All
Households: Rented
12,702
Denise Rhodes - Belvoir
7,200
“The market in Renfrewshire in Q2 was more buoyant than ever. Quality
properties are being snapped up within days and many properties attracting
several tenant applicants. Demand for houses, especially with a garden,
continues to outstrip supply and we see no reason why this should not continue
throughout the remainder of the year.”
Rented from
Council
Other social
rented
8,090
Private rented
Source: Census 2011, Renfrewshire
citylets.co.uk/research/reports
p10
Citylets Report
Q2 2016
Agent Views
Scottish letting agents give us their views on their local market.
Aberdein Considine, Aberdeen – Adrian Sangster
“It’s a tale of two halves in Scotland with Aberdeen having
plentiful supplies of stock compared to Glasgow and
Edinburgh where it’s lacking. The recent leave vote has
also added to uneasiness felt by those already affected by
the low oil price. After 26 years working in lettings I’ve been
through difficult markets before, but I’ve found the PRS to
be resilient and able to adapt, evolve and sometimes thrive in challenging
times. It is my personal opinion the Aberdeen letting market is entering the
latter stages of a period of transition and as we’ve done before we will
adapt and get used to the new normal.”
Be-Rented, Glasgow – Graeme McEwan
“Without doubt the Brexit decision has dominated industry
conversation recently and this is affecting markets in places
such as London where the market already appears to be
stuttering from uncertainty. Not so in Glasgow where
property lending increased to its strongest quarter start
since 2008 and affordability continues to drive investment
demand. New regulations via the new Private Housing Act is likely to drive
long-term property investments in specific areas such as student
accommodation where we are already seeing increased interest and
activity and the global exit from equities continues to shore up the property
investment market in Scotland”
Rettie & Co, Edinburgh – Stuart Montgomery
“The impact of Brexit in the context of the Scottish PRS (and
just about any other context) relies on a vast array of
unknowns. With as yet no clear picture of what Brexit is likely
to mean for Scotland and the prospect of “Indyref2” coming
over the hill, uncertainty looks set to drive the market for the
foreseeable future. This uncertainty will inevitably result in the
further deferment of much needed institutional investment in Scottish Built to
Rent and a worsening still further in the supply of quality rental stock. With
uncertainty also dominating financial markets there is a significant pool of
capital searching for a yield, for private investors however, time will tell
whether the PRS remains the counter cyclical safe haven it once was.”
Murray & Currie, Edinburgh – Steven Currie
Clan Gordon, Edinburgh – Jonathan Gordon
“The last quarter as forecasted by our team experienced a
continuation of a very healthy balance of supply and demand
to tenants looking to secure long term tenancies and
landlords seeking qualified tenants. The standard of
accommodation being presented by our landlords has been
very well received and recognised by our tenants who are
satisfied that our pricing is fair and represents value for money. Due to
information, stats and analysis available at your fingertips, tenants and
landlords have never been so well informed. This well-educated market place
makes relationships between all parties very respectful, professional,
enjoyable and rewarding.”
“To date Q2 has largely seen a continuation of the trends that
emerged in Q1, especially in the high demand for one bedroom
properties. The market continues to be busy with new instructions
and high demand from tenants. However, the uncertainty that will
result from the EU referendum is likely to slow this down as we
move into Q3. The Scottish lettings market was resilient to the
2008 financial downturn as buyers chose to rent for longer and sellers were
forced instead to rent as the sales market stagnated. The volume of rental
property in Edinburgh grew significantly over the last 5 years and rents also rose.
At this stage it is difficult to predict what effect the vote to leave the EU will have
on lettings, but it is likely that we will face a more challenging market in Q3.”
citylets.co.uk/research/reports
p11
Citylets Report
Q2 2016
Agent Views cont...
Click-let, Edinburgh – Ross MacDonald
Stonehouse Lettings, Aberdeen – Ross Murray
“Q2 2016 has been very busy following on from a positive
first quarter for the sector overall. We continue to experience
high demand from tenants with our average TTL for the year
remaining below 12 days. The recent Council of Letting
Agents, “The Agency Business” conference highlighted that
times continue to change dramatically in the letting industry
for tenants, landlords and letting agents. Of course, the result of and reaction
to last week’s EU referendum brings further challenges to the market. Early
opinion is mixed about the impact and outlook for the buy to let market,
though some commentators forecast that the industry is in a good position to
benefit.”
“Q2 has seen average rents continue to drop in Aberdeen
with no sign as yet where they will bottom out. This market is
about being realistic with rental prices, being able to react
quickly to leads and giving your available stock as much
exposure as possible. Stonehouse Lettings has continued to
invest in our people adding to our letting team; we have
increased our online presence advertising on multiple national rental portals
and social media. This will stand us in good stead for the remainder of the
year.”
Rentlocally, Edinburgh – John Horsburgh
Braemore, Edinburgh – Callum MacGregor
“The second Quarter of 2016 has continued to deliver strong
levels of demand for rental property across the entire
spectrum and shows no sign of slowing. The PRS is thus far
defying predictions of overheating due to rising rents
outpacing wages and continues to deliver excellent yields to
landlords unmatched by any other form of investment. The
very recent events of the UKs decision to exit the EU may have a bearing on
this but it’s too early to tell what that might be.”
“In general, the market continues to offer a strong
investment opportunity to those looking to invest in the
Edinburgh PRS. This is due, mainly, to positive rental
growths, good quality tenant demand and quick time to let.
Record numbers of new landlords have been recorded in
comparison with previous years which is another indicator of
confidence in the market, especially in the Capital City.”
Castle Residential, Renfrewshire – Jazz Chowdhary
Northwood, Aberdeen – Matt Pullinger
“Q2 has seen TTL reduce and demand increase once again
and the PRS shows little sign of slowing. This may change
though, the after effects of Brexit will no doubt play a role,
however, we wouldn’t expect it to adversely affect the market
to any major extent. We continue to actively seek new
landlords due to demand outstripping supply in this and
surrounding areas”
“Q2 has been a busy and still challenging time for the
Aberdeen rental market. We have seen a slight stabilising in
the market with prices not falling as steeply as they have in
the past year and times to let have seemed to average out at
around the two month mark. We have seen good demand for
competitively priced properties presented to a high standard,
in what is set to be another busy summer. The student market seems
relatively un-affected in Aberdeen with demand for good properties as strong
as ever. With more choice than ever before it remains critical for landlords to
have their properties presented to the highest standard and be competitively
priced.”
Arden Property Mgt, Edinburgh – Catriona Waugh
Umega Lettings, Edinburgh – Andy Whitmey
“In the second quarter I have continued to see landlords
leaving the industry and selling their properties due to the
increased safety legislation and the changes in tax law. With
more uncertainty ahead, especially for HMO owners, I think
this may continue throughout the year. Available property is
still scarce; one bed properties in particular are in high
demand and rents are still increasing in this sector. However, there are still
new landlord investors entering the market and the number of cash buyers
has increased, many of them 55 year olds looking to put their pension funds
into something more straightforward than stocks and shares.”
“The BREXIT referendum result has created a seismic week
politically and economically and this is certain to have an
effect on the Scottish rental market. Exactly what is difficult
to know but this week I’ve had a call from a BTL investor in
England that likes the way the Scottish Government has
reacted to the result so he has decided to invest north of the
border as a result. Investors from overseas will perhaps see the weaker,
cheaper pound as a good time to invest or might also be put off by the
uncertainty around the housing markets. It remains to be seen what will
happen to our mortgage markets in light of the turbulence in the related
money markets so watch this space.”
citylets.co.uk/research/reports
p12
Citylets Report
Q2 2016
Postcode & Towns - Average Rents & TTL - Q2 16
Landlords and Letting Agents continue to require timely, accurate data to help them value rental
properties in a variety of locations. At Citylets, robust information is paramount so we only include
rents for postcode districts where there is substantial quarterly volume.
Edinburgh - £pcm (TTL days)
Postcode
EH1
EH3
EH4
EH5
EH6
EH7
EH8
EH9
EH10
EH11
EH12
EH13
EH14
EH15
EH16
EH17
EH21
EH22
EH32
EH48
EH49
EH51
EH54
1 Bed
(26)
£762
(21)
£854
(17)
£759
(17)
£581
(15)
£608
(14)
£634
(17)
£660
(25)
£697
(15)
£713
(14)
£615
(26)
£676
£589
£580
£629
(15)
(30)
(18)
£553
(28)
£455
(29)
Glasgow - £pcm (TTL days)
2 Bed
(16)
£1,022
(30)
£1,141
(25)
£901
(21)
£770
(23)
£779
(21)
£836
(17)
£855
(23)
£956
(23)
£926
(19)
£795
(26)
£868
(19)
£695
(26)
£754
(16)
£764
(15)
£777
(26)
£683
(17)
£673
(24)
£625
(20)
£661
(29)
£558
(22)
£608
(36)
£472
(32)
£583
3 Bed
(40)
£1,408
(34)
£1,539
(28)
£1,176
(34)
£1,025
(46)
£1,058
(40)
£1,182
(38)
£1,335
(23)
£1,325
(40)
£1,293
(34)
£1,155
(33)
£1,285
2 Bed
(53)
£787
(51)
£773
(52)
£722
(59)
£893
(53)
£668
(47)
£771
(34)
£796
(39)
£763
(42)
£763
(52)
£769
(39)
£704
(21)
£772
3 Bed
(50)
£1,199
(35)
£1,115
(34)
£814
(41)
£1,106
£892
(57)
£1,063
(23)
£906
(28)
£695
(30)
£731
(34)
Aberdeen - £pcm (TTL days)
Postcode
AB10
AB11
AB12
AB15
AB16
AB21
AB22
AB24
AB25
AB32
AB41
AB51
1 Bed
(50)
£550
(41)
£552
(42)
£624
(34)
£616
£541
£588
£571
£524
(41)
(37)
(45)
(50)
£927
£946
£1,257
£1,160
£920
(48)
(42)
(36)
(44)
(18)
Dundee - £pcm (TTL days)
Postcode
DD1
DD2
DD3
DD4
DD8
DD10
DD11
1 Bed
(56)
£396
(41)
£414
(40)
£401
(38)
£394
(45)
£355
2 Bed
(44)
£639
(46)
£575
(41)
£510
(37)
£509
(46)
£478
(42)
£487
(44)
£466
3 Bed
(53)
£835
(72)
£843
£692
£632
(59)
(40)
£639
(43)
Postcode
G1
G2
G3
G4
G5
G11
G12
G13
G14
G20
G21
G31
G32
G33
G40
G41
G42
G43
G44
G51
G52
G61
G66
G69
G71
G72
G73
G74
G75
G77
G81
G84
1 Bed
(24)
£638
(20)
£698
(20)
£614
(21)
£612
(23)
£575
(18)
£585
(18)
£643
(20)
£518
(36)
£472
(23)
£576
£432
£401
(16)
(29)
£433
£511
£428
£461
£464
£433
(20)
(26)
(25)
(26)
(32)
(40)
£438
£373
(27)
(21)
£387
£388
(51)
(40)
2 Bed
(21)
£893
(16)
£879
(24)
£864
(22)
£734
(28)
£674
(22)
£784
(32)
£976
(28)
£622
(38)
£564
(28)
£710
(30)
£518
(27)
£608
(28)
£502
(32)
£540
(29)
£538
(21)
£634
(25)
£580
(17)
£618
(27)
£603
(26)
£570
(33)
£546
(36)
£756
(57)
£518
(24)
£562
(30)
£575
(36)
£514
(29)
£544
(29)
£490
(33)
£478
(14)
£715
(46)
£488
(25)
£533
3 Bed
£1,216
£1,133
£828
£1,181
£1,382
(28)
(37)
(28)
(19)
(29)
£878
(21)
£737
(28)
£915
(33)
£568
(29)
£594
£1,038
(41)
(29)
£698
£603
(33)
(36)
£624
(29)
Towns - £pcm (TTL days)
Town
Airdrie
Ayr
Bathgate
Bo’ness
Dalkeith
Dunfermline
East Kilbride
Glenrothes
Hamilton
Inverness
Kilmarnock
Kirkcaldy
Linlithgow
Livingston
Motherwell
Paisley
Perth
Stirling Town
Troon
1 Bed
£414
£462
(52)
(27)
£418
£374
(24)
(22)
£383
£520
£425
£407
(31)
(22)
(35)
(24)
2 Bed
(35)
£487
(43)
£517
(28)
£562
(35)
£470
(27)
£612
(32)
£531
(31)
£485
(25)
£491
(36)
£516
(23)
£644
(39)
£452
(38)
£501
(22)
£608
(33)
£589
(47)
£486
(41)
£475
(32)
£551
(19)
£641
(59)
£504
3 Bed
£732
£691
(52)
(32)
£655
£512
£631
£743
£548
(35)
(17)
(34)
(9)
(31)
£719
(35)
£593
(49)
£866
(23)
citylets.co.uk/research/reports
p13
£366
£412
£493
(36)
(26)
(24)
Citylets Report
Q2 2016
ECHR in the Private Rented Sector
TC Young discusses the European Convention on Human Rights within the PRS.
The impact of the European
Convention on Human Rights,
which applies to public authorities,
(particularly Article 8: the right to
respect for private and family life
of the European Convention on
Human Rights (EHCR)) on courts
considering evicting tenants in the
social rented sector has been clear
since the decision of the Supreme
Court in Manchester City Council v
Pinnock [2010] CSIH 78. In short,
in social rented eviction cases, the
courts are required to balance the
rights of the parties facing eviction
and consider whether granting
decree to remove the tenant would
be a disproportionate interference
with tenants’ rights under the
EHCR.
Is this the same in the private
sector? For example, when
considering mandatory grounds
for recovery of possession or the
landlord’s automatic right to gain
possession of the property at the
end of the agreed period of let, if
the let was under a short assured
tenancy? This issue was raised by
academics during the consultation
process for the Private Tenancies
(Scotland) Act 2016. Can a
court, or indeed the soon to be
created First-Tier Tribunal, ignore
proportionality when deciding
whether to grant an order to evict a
private tenant?
view that any balancing of rights
between the landlord and tenant
had been done by parliament
and there was no need for the
This is the argument that the Supreme courts to take such arguments
into account when considering
Court has wrestled with, and decided
whether to evict a tenant. The
upon, in the case of McDonald v
McDonald and Others in their decision court’s role was merely to provide a
dated 15th June 2016. The case itself forum for the determination of civil
rights between the parties. To do
was raised under English Law and
otherwise, would effectively make
looked at the terms of the Housing
EHCR rights directly enforceable
Act 1988 and the mandatory grounds
against private individuals in such
for possession under schedule 2 of
a way as to alter their contractual
that Act and section 21 (being the
rights.The purpose of the EHCR
automatic right to recovery once
is to stop individual’s rights being
the lease has come to an end). The
terms of these provisions are virtually infringed by the state.
identical to those found in the Housing
As such, the Supreme Court has
(Scotland) Act 1988 and as such, it is
suggested, the same principals would made it clear that a private landlord
is not obliged to comply with the
apply in Scotland.
EHCR and there is therefore no
scope in eviction proceedings
The Supreme Court did accept that a
for proportionality arguments by
court was a public authority in terms
tenants.
of the EHCR but, crucially, took the
public authority, is being asked to
enforce a lease in a way which is
incompatible with convention rights.
The argument being that private
leases fall under the ambit of
EHCR when a court, which is a
TC Young, a Scottish law firm acting for landlords and agents throughout Scotland.
Specialising in Housing Law, as well as Charities, Employment, Private Client & Family.
www.tcyoung.co.uk | Twitter: @TCYLetLaw
citylets.co.uk/research/reports
p14
Citylets Report
Q2 2016
Let’s Work Together
John Blackwood explains why supporting responsible private landlords can help MSPs
solve the housing crisis.
A new parliament presents new
opportunities for the Scottish
Association of Landlords and
for our members of the Scottish
Parliament (MSPs). During the
election campaign, all parties rightly
put solving Scotland’s housing crisis
at the top of their agenda. Whilst
the length of this Parliamentary
term provides an opportunity to
achieve this, it is essential that all
of our weapons are brought to bear,
including recognising the role that
private landlords can play.
SAL represents the growing
number of landlords with a small
portfolio who are, in essence,
small businesses. They operate on
very small margins whilst trying to
deliver high-quality rented homes
to those who want them. All of them
support local supply chains by hiring
builders, electricians, plumbers or
the other trades required to maintain
and improve their properties.
They are also willing and able to
increase housing supply, whilst
being socially responsible. To
mobilise this group the government
only needs to make very small
policy moves to signal to landlords
that they have their support.
For example, private landlords
already work to bring derelict
housing back into use and provide it
at low-rent levels to reduce pressure
on social housing. If this investment
could be encouraged across the
country, thousands of homes could
be brought back into use where
they are needed, guaranteeing
the landlord an income and giving
the council access to high-quality
accommodation.
bad landlords whilst working
with us to implement effective
regulations, they could improve
housing conditions and raise the
standards for all private rented
accommodation.
Mutually beneficial investment and
effective regulation are just two of
the issues where I hope the new
Parliament will seek to engage
landlords over the next five years.
Our message to MSPs is simple.
Work with us to achieve a wellfunctioning Private Rented Sector
and together we can solve the
housing crisis.
See our MSP briefing document
online - www.scottishlandlords.
com/NewsPolicy/PolicyItem.
aspx?ArticleId=453.
MSPs could also help the
overwhelming number of responsible
private landlords in Scotland by
reviewing the regulation of the
sector. Landlords are in favour of
proportionate regulation, particularly
in areas such as electrical safety or
energy efficiency which also protect
their property, provided it is enforced.
Currently, landlords who comply
with regulations can find themselves
undercut by rogue players who
almost never face any penalties.
Were the government to encourage
more criminal prosecutions against
If you’re not already a member,
consider adding your voice and
as well as benefiting from our
services by joining SAL - www.
scottishlandlords.com/About/Joinus.
aspx.
John Blackwood
Chief Executive,
Scottish Association of Landlords.
Scottish Association of Landlords - Scotland’s Largest Professional Organisation Supporting
Scotland’s Landlords & Letting Agents.
www.scottishlandlords.com | Twitter: @scotlandlord
citylets.co.uk/research/reports
p15
Citylets Report
Q2 2016
Something to Celebrate
Jen Paice of Safedeposits Scotland explains the reasons.
This month we’re marking four
years since SafeDeposits Scotland
launched but we’re not just
celebrating our own anniversary,
we’re marking the birth of the
tenancy deposit protection scheme in
Scotland.
We set up in 2012 in response to
new Scottish Government laws
giving tenants and landlords security
in dealing with deposits. These
government-backed protection
schemes hadn’t existed before.
Scotland. While legislation by the
Scottish Government was designed
to free up the housing market it is
expected that demand for private
rented accommodation will exceed
supply continuing to drive up rents.
With this ever-changing landscape
(further exacerbated with the Brexit
result), it’s become increasingly
So happy birthday to Scottish
landlords and tenants knowing
exactly where they stand when it
comes to deposits. We safeguard the
deposit during the tenancy, ready to
be returned at the end of the lease
once the landlord is happy that
everything is in order.
There are three tenancy deposit
protection schemes approved by
the Scottish Government and we’re
all free to use. We’re all self-funded
and the schemes are paid for by the
interest on the money we hold.
Private rentals are estimated
to represent around 13% of all
households in Scotland. That figure
has fluctuated by a few percentage
points in four years but there has
been a steady trend upwards since
2000, when private rentals made up
around 7% of the Scottish housing
stock.
Rents are at an all-time high in
understand the market, respond
directly to the needs of the industry
and be perfectly positioned to adapt
to change.
SafeDeposits Scotland is the
sole not-for-profit tenancy deposit
protection scheme. Since paying off
our set-up loan in September last
year we have been able to set up the
SafeDeposits Scotland Trust which
award grants to raise awareness
of tenants’ rights and encourage
best practice among landlords and
agents.
We currently hold a little under £71m
of deposits and around 60% of
Scottish landlords and letting agents
come to us for the peace of mind that
we give.
important to have certainties and the
tenancy deposit protection scheme
gives that.
On Brexit, it’s worth noting that we
don’t expect the decision to have
an adverse impact on our business.
We will continue to focus on
implementing our disciplined treasury
policy, whereby no capital risk is ever
made on tenant’s deposits, no matter
the volatility in the markets.
At the time of writing, there are
5000+ properties to rent on Citylets.
I know that the deposit paid in every
single one of those flats and houses
is safe. With investment from the
SafeDeposits Scotland Trust, I
believe the future of the industry is
safe too. That’s definitely something
worth celebrating.
Jen Paice is CEO of SafeDeposits
Scotland.
SafeDeposits Scotland is the only
company running a tenancy deposit
scheme that is actually based
north of the border, allowing us to
SafeDeposits Scotland is Scotland’s largest tenancy deposit scheme with a 60% share of the
market and the only not-for-profit scheme based in Scotland.
www.safedepositsscotland.com | Twitter: @SafeDeposits | linkedin: SafeDeposits Scotland
citylets.co.uk/research/reports
p16
Citylets Report
Q2 2016
Do Your Landlords Have Appropriate Landlords Insurance?
Sean Sage of Hazelton Mountford discusses the issues that can arise from having the
wrong insurance in place.
Over a quarter of landlords are
reported to have the wrong
insurance in place or no insurance
at all. This is an alarming statistic
in itself but also managing agents
could be liable. What due diligence
do you have in place to check your
landlords have the appropriate
insurance?
should have are –
Landlord’s Liability
Covers your landlord against the
cost of claims arising from injury
or damage suffered by a tenant or
visitors at the property.
Some managing agents will want
to see a copy of the landlord’s
buildings insurance before they
take the property on.
The reality of the situation is often
realised when the landlord calls
the insurance company to make
a claim, to be told the claim won’t
be paid as the insurance company
were not notified of the change in a
material fact. Landlords insurance
is much easier to get than a few
years ago but unless you choose
a specialist insurance policy, it can
often be expensive with insufficient
cover in place.
Having the wrong insurance
can have horrific outcomes, as
experienced by Mr & Mrs Meryon
in 2012 when they had to foot a
£56,000 bill for damage caused by
tenants; they didn’t have the right
cover in place and this is becoming
more and more common with the
increase in landlords up and down
the country.
Some of the covers your landlords
costly inspections by the managing
agent, which will ultimately be a
cost to your landlord.
Loss of Rent
If the property is uninhabitable
then you want to make sure the
landlord has the right cover in
place. The rent will be an income
source for your landlord and could
be needed to pay for the buy to
let mortgage, but also so that
you get your management fee.
Some insurance policies have
inadequate loss of rent cover and
indemnity periods. Policies are
available that offer 25% of the
building sum insured or unlimited
cover until the property is re-let!
Malicious Damage by Tenants
This is often an exclusion or will
come at an extra cost in landlords
insurance; make sure your landlord
reads the small print! Malicious
Damage can cover your landlord if
the property is damaged by tenants
who are lawfully allowed to be in the
property.
Un-occupancy Period
Properties do have void periods,
of course less common these
days, but still important that the
right void period cover is in place.
Some policies will restrict your
landlords cover even after 7 days of
un-occupancy which could lead to
As a managing or letting agent
you want to work with an
insurance broker who has access
to specialist landlord insurance
products, but can also give you
and your landlords the correct
advice.
Contact Sean Sage at Hazelton
Mountford with regards to
landlords insurance to make sure
your landlords have access to
the right insurance policy, sean@
hazeltonmountford.co.uk or 01905
394 327.
Hazelton Mountford:
01905 721 249 | [email protected]
Chartered Insurance Brokers
citylets.co.uk/research/reports
p17
Citylets
Research
Services
In its position as the UK’s
leading residential lettings
site, Citylets enables the
research team to utilise
its unique data in addition
to Registers of Scotland
and Government data. The
team recently launched
OptiletPro, an analysis
tool which delivers robust
data on the sales and rental
residential property markets
at a local level. The interface
is designed to allow clients
to analyse local trends and
easily extract data into a
variety of formats.
The Citylets Research team
produces market-leading
reports and indices as well
as bespoke research and
consultancy projects for
clients including letting and
sales agents, developers,
investors, housing
associations and local &
central government.
Metrics available:
In Scotland, Citylets has
become the leading authority
on the private rented sector
and has built up a strong
reputation for well-informed,
insightful commentary &
market analysis and is now a
trusted media source on local
and national rental issues.
• Localised average
monthly rental prices
• Localised stock levels
• Supply and demand
analysis
• Gross rental yield levels
• Localised demographics
• Affordable rent modelling
Methodology
The statistics are based on rental properties advertised on Citylets. Rather than employ snapshot sampling our
observations are recorded when a property is removed from the site as let. We believe such transaction-based
observations provide a better reflection of the market. The data is cleansed to remove multiple entries and other anomalies.
Our cleansing process continues to guide refinements to data recording. Averages are calculated on a monthly or quarterly
basis as weighted (mix adjusted) means. Indices are constructed holding composition (property type and number of
bedrooms) fixed at the average of the last three years. This ensures that changes in the index reflect rent changes and not
changes in composition, which are likely to occur seasonally.
The Publication
This document was published in Jul 2016. Whilst we have made every effort to ensure information published in this report
is correct, Citylets gives no warranty or representation as to the accuracy or completeness of the information. The report
does not constitute legal or other professional advice. We reserve the right to change methodology, discontinue or revise
indices or other analysis at any time.
Copyright
This report and all data contained within is copyright Citylets. The information contained within this report may be
reproduced if the source is clearly identified.
Citylets
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Edinburgh
[email protected]
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